LG Pay has been launched in South Korea in 2017. Although there has been continuous news that the mobile payment service will land in the US market, there has been no accurate news. But now the long wait is finally over, LG officially announced that LG Pay will land in the US market on July 16. Not surprisingly, LG Pay is limited to LG smartphones. At the beginning of the launch, only the LG G8 was supported, and LG promised to expand to G7, V50 5G, V40 and V35 in the coming months, as well as new handsets launched by LG.
Similar to Samsung Pay, LG Pay uses magnetic security transmission or MST in addition to the conventional NFC method, which is a technology obtained from LoopPay. This makes it compatible with traditional sliding point-of-sale terminals, making it available in more stores and outlets. Users can use LG Pay anywhere and accept Visa and MasterCard (two payment networks currently available for this app).
However, the number of banks currently supported is not large, and LG Pay has only cooperated with the following banks:
State Employees'Credit Union(North Carolina)
Virginia Credit Union
During the promotion period of landing in the US market, LG and Swych cooperative users can send and receive gift certificates to other LG Pay users. In addition, if the gift certificate you send to someone cannot be consumed at the store, you can exchange different types of gift certificates of the same value.